# semiconductor guidance — X 热门讨论 (2026-09-16 12:17 UTC)

## @shiladitya4u (Shiladitya) · 09-16 09:15 · ♥74 ↻5 💬5 Ratnaveer Precision - what's cooking?

Ratnaveer has been a huge outperformer in the last few months. Lets do a little deep dive into what is driving this.. The big story is CCL — Copper Clad Laminate. what's CCL? CCL is the base material used to manufacture PCBs, the circuit boards found in virtually every electronic device — phones, servers, automobiles, telecom equipment, industrial electronics, defence systems, etc.

Management estimates India's CCL market at around ₹5,000 Cr growing at 40-50% annually with >90% of demand currently met through imports. Also, with the huge investments in PCB manufacturing the demand for CCL is going to grow multifold.

Ratnaveer is setting up 5 CCL lines, with the first expected to start production around Nov/Dec'26.

The eventual five-line opportunity is estimated at around ₹750 Cr revenue, with management targeting ~20% EBITDA / ~13% PAT margins.

Management guidance :

FY27: ~₹1,500 Cr existing business FY28: ~₹2,100 Cr total, including ~₹350 Cr CCL FY29: ~₹2,500 Cr total, with CCL moving towards ~₹750 Cr Also, note that CCL business is expected to get 20%+ EBITDA margins (without considering incentives) compared to the base business of 10% margins. There is also potentially significant government incentive support, both in terms of capex subsidy and cheap interest rate.

Some risks I want to call out No doubt that CCL is an interesting business with big opportunity. However, this is a complete new vertical for the company and they don't have any knowledge or experience. They are completely dependent on the Chinese technicians whom they have hired to setup and ramp up this business. Secondly, the management track record is not great. They had earlier given some lofty guidance which they were not able to meet at all. They are not generating cash, and constantly raising money through dilution. But market is excited whenever there is talk to defense, aerospace, semiconductor, AI, PCB, CDMO 😀😀

Worth looking into due to the exciting opportunity but should be very watchful of the execution. ................ This is not an investment advise or recommendation. Please do your own due diligence before investing. https://x.com/shiladitya4u/status/2100151459635744900